Learn Accounting in 1 HOUR Lesson 2: Journal Entries

[@michaeltodd343]

I just got hired for a position doing Income reports and Invoices for a major shipping company. I have *no* clue how I got the job, and *no* idea what I'm doing. These videos are helping me understand accounting principles that I previously had no knowledge of. My training starts tomorrow. These videos are a godsend, thank you!

[@andreamartinez27]

I’m in the exact same situation except I got a Senior Accountant position 😓

[@KillerKilometers]

Well..how did it go, 3 years later?

[@m1galla]

LOL

[@laremtj]

ahem lifesaver...... i have accounting final exam tomorrow and had already given up all hope of passing and focused on the theory side. now i am glued watching your 'learn accounting in 1 hour videos' gosh.

[@Willow_and_Sage]

Well!?

[@AnarchoBearBear]

BOI DID YOU PASS?!

[@Mitjiva]

I hope every single one of us in that situation ends up passing x)

[@bearterrorist5043]

I'm literally about to do the same thing

[@magdalenasitkiewicz3340]

Amazing video! I recently started my own company. I started using the Firmao CRM system adapted to my small business. Thanks to this, I manage the company better.

[@Financelearningacademy]

Glad it was helpful!

[@FizzyliciousASMR]

My husband and I are starting an air conditioning business. I am finding these lessons incredibly helpful and thought it was cool (pun intended) that your example business is the one we will operate! Totally downloading your app to practice!👍🏼😉

[@Financelearningacademy]

Glad we could help take the heat off.

[@Limitless_rise]

@@Financelearningacademy BRUHHH THE SENSE OF HUMOR IN THIS COMMENT XD

[@xd-outface8222]

It's taken me 2 years of retaking my accounting class and I learned everything I needed to learn from this video.. THANK YOU

[@Toximit]

I PUT THIS VIDEO ON 2X SPEED SO I CAN LEARN ACCOUNTING IN 30 MINUTES

[@Financelearningacademy]

highly recommended

[@TebogoMotlhale]

you're crazy, stop cheating 😁 🤷

[@ckn3574]

😁

[@wajsk]

Literally the only reason I can get my terribly lagging academics back on track. THANK YOU!

[@sets51]

thank you for showing this on KZbin. I like the way you are teaching it. You are easy to understand.

[@demurrcorp4684]

The best videos on you-tube for accounting, thank youuu...the stuff i have learnt thus far is invaluble.will be downloading the app x

[@nm3547]

I'm surprised to just be finding these videos. Thanks for making them! They're very helpful.

[@noninoni4567]

Thank you sooooo much..This is exactly what I need it to understand accounting.. Your new fan and follower from Dubai🌹🌹🌹

[@jimmyparis5464]

Man this video is everything an Accountants need to have.

[@faytt6070]

This is really helping me understand accounting concepts better. Thank you.

[@DieAnderTier]

Can’t thank you enough! This series is SO helpful and it’s my introduction. Thanks so much!!!

[@johnconnors6463]

You really saved me with this series, thank you so much!

[@gattaca627]

in your videos you make accounting fun and easy to learn. i hated accounting my whole life and you make it seem so simple...kudos

[@RyanCA_]

I really appreciate your course! it has a very clear explanation and structure~

[@Financelearningacademy]

Happy to hear that!

[@vaidehiraval3632]

Thank you very much. This gave me confidence that if I will keep trying, I can be a good accountant.

[@Financelearningacademy]

You can do it!

[@rickybev3078]

I’m taking my book keeper exam tomorrow and watching these to quickly cover topics. These videos are way better than the course I paid for. Thank you!

[@Financelearningacademy]

Glad you like them Ricky! Be sure to checkout our full course library for additional resources on accounting and finance. ⬇ executivefinance.teachable.com/

[@rickybev3078]

@@Financelearningacademy thank you! I passed my exam and these videos were an excellent resource. They explained the topic clearly and concisely. Much appreciated.

[@Gan8325]

Thank you so much. You did cover a lot and cover all my questions. You are very generous!!!!

[@gleny1080]

i spent 3hours to understand this video, and finally i succesed . thank you very much

[@AnzuYT]

Bro, this video is literally a year's worth of accounting at university in 20 minutes.

[@bria2771]

bruh this is like 3 weeks

[@MrFlyguy217]

@@bria2771 p

[@rahulkhanna4278]

I don't like the University's process. I like to get things done quick and move on.

[@pinglou3079]

@Samuel Wong Dang so you just out here deciding what other people's life choices should be? Why dont you shut the fck up and go away because nobody asked you to be here just to judge other people's choices in life "Samuel Wong"

[@pinglou3079]

@Samuel Wong Imagine talking to me about communication and reading skills when the grammar of your comment is literally that of a 3rd grader. Why dont you learn english before you write another comment ok? And 2nd, "the truth" is not your opinion, taking accounting in college is an option, people can choose to take it. Can you not get that in your head? If people want to become a CPA when they grow up and find that online learning isnt enough to truly understand the lesson, let them take it up in uni. So please shut up

[@darkexcalibur87]

I don't see the app anywhere. :( I'm guessing it isn't active anymore?

[@Financelearningacademy]

A sales order doesn't constitute a reporting transaction from an accounting perspective because until goods or services are exchanged, the substance of the transaction has yet to transpire.

[@michaelm1238]

So if that is the case why do we consider accounts receivable as an asset when the payment has yet to be made? To me, it seems like a liability until it is paid because goods or services were exchanged for free until you get paid.

[@TebogoMotlhale]

​@@michaelm1238 Yep, some of the principles used in Accounting strike me as rather "unsound" and very weird. From the semantics such as the difficulty in defining the purpose and meaning of the term "debit" or "credit" right down to what appears to me as complete oxymorons ! Some things are so iLLOGiCAL in this profession. You cannot keep saying that some activities will NOT be recorded until some further STEP in the process is fulfilled . . . who makes the call about which STEP of the activity ultimately constitutes the NEED to record ?? Is it a subjective judgment/call made by the accountant or are these rules written down in some policy document or . . . ?? The use of these "superficial" temporary money-holding buffer accounts such as "Unearned Revenue" is kind of funny to me because you and I know that SOMEONE is busy trying to keep a record of transitional activities that are YET to be officially fulfilled . . . see our problem again 😁 ?? Why Not just fold your hands as an accountant and say "I shall record NOTHING down until a bomb has exploded in Hiroshima and a man has been certified DEAD through a post-mortem report signed by a pathologist accredited through the Institute of Certified Pathologists of Life" 😁 😁 😁 you get my point, right ?? And then there is the issue of an "independent auditor" who get PAID by the director of a company to audit that company and in the process the auditor may EXPOSE the illicit activities of the director who has PAID him {the-auditor} . . . like REALLY 😧 ?? Are you {as a director of a company} literally expected to pay someone {a prosecutor} money so that this SAME prosecutor may later prosecute YOU by exposing your incompetence and illicit activities, or hanging your dirty laundry out in public ? But that's a topic for another day.

[@brownpanther7512]

my exam is tmrw. this video is very helpful! thanks :)

[@malikaprimbetova1909]

Thank you! You saved my life❤️

[@ladyjustice9457]

Thank you so much for creating this - you are awesome!

[@paulaardales5145]

Thank you so much really big refresher and easy to understand

[@TrueTheology]

real solid content, cleared up a lot of things

[@sarahl5362]

This is exactly what I needed, Thank you!

[@PhilipFaulconer]

For transaction 11 (15:17 to 17:03), you present a good explanation of "Allowance for doubtful accounts." But don't we need a journal entry for the $2,500 cash the customer remitted? Perhaps Debit cash $2,500 and Credit Accounts Receivable $2,500?

[@Financelearningacademy]

In June - YES

[@philipfaulconer5422]

Great. Thanks for the great tutorial series!

[@lynlayson8331]

Your correct no entry for this.

[@cecet3789]

Your explanation and examples are very clear and helpful. Thank you!

[@Financelearningacademy]

You're very welcome!

[@venugopal9967]

lucid explanation ..smart job

[@danielrebecca9049]

Besides the general ledger, I was wondering if you had any course work so that I could not only get the concepts but hands on experience to broaden my understanding thank you! Like what I mean is I wanna try balancing a balance sheet myself etc

[@Oulaqi]

6:17 in transaction 2, how do you recognize the 12% interest??

[@anniegawroniak119]

do you have a list of all the assets, liability and equity so i know what all the choices are? i googled it and there were not all the ones listed you used in this example. thank you so much.

[@rrrprogram8667]

Great video team, Is the app not available now www?? I am unable to find it in the play store

[@Chillerll]

They put it out for some reason :/

[@Financelearningacademy]

Sorry, its no longer available for Android devices at this time.

[@gustavocovarrubias1]

Finance LearningAcademy- do i have to pay once for the general ledger app? or is that recurring.

[@Financelearningacademy]

+gustavo covarrubias One-time cost - about $5.

[@gustavocovarrubias1]

Cool thanks :)

[@Financelearningacademy]

one time - apple devices only at this point.

[@szymonwozny8190]

Great and very helpful movies about Accounting! I'm wondering if your app has version for Android users?

[@Financelearningacademy]

Sorry, the android version is no longer available at this time.

[@jennettesnider]

This was sooooooooooo helpful! Thank you!

[@MassiKabuli]

what an explaining !! thank you so much !

[@lisahagerman1]

Wonderful help...easy to follow. Thank you

[@accountingforbeginners9210]

You are a good teacher,keep it up

[@Financelearningacademy]

Thank you! 😃

[@EdmirFernando19]

thanks alot for sharing such an helpfull lesson it helped alot...

[@concerned_2023]

Thoughts on credit card transactions being called an accounts payable vs a short term liability. I use credit cards as a bank account on my accounting software, and the cards are classed as a short term liability. The term payables to me represents trade payables generally vendors. If the owner pays for something for the business, it can be treated as a payable and an expense payment issued, or added to owners equity normally at year end.

[@cloudlife]

Really appreciate these videos, they're quite good. I just wanted to clear up one transaction at 18:40 the depreciation slide and just to test my understanding, the Debt and Credit are flipped correct?

[@Financelearningacademy]

Debit Depreciation (expense) Credit Accumulated Deprecation (contra account to capital assets)

[@luisfernandocongote1819]

I have got a question, the UK accounting is the same as America accounting?

[@rupalidayal6530]

can you please tell me in 4th transcation, why bank was not credited as money has been deposited to bank. i could have been Dr. cash to Cr. bank instead of Dr. cash to Cr. Unearned income. Please suggest

[@chiefaithjoy9748]

This is very clear thanks boss... I really didn't get how depreciation is being calculated 😢... during my school days😂

[@Nananananana5717]

Enjoying, thank you! Does the App exist still?)

[@Financelearningacademy]

Only for apple devices. Look in the App Store.

[@maxamedcarab3496]

Thanks a lot what a nice teacher u are !!! but please help me video lessons in accounting or how i download it .

[@johnb3214]

Question-- at the beginning of the video, you said some transactions do not need to be recorded in the journal. Specifically, you mentioned a company receiving an order. Would this not go down as 'unearned income'-- a liability? If not, how is it different from unearned income? Thanks!

[@Financelearningacademy]

+John B If the company received an order and received the cash - you are right! There would be a journal entry to record the receipt of cash from the customer (Dr. Cash Cr. Unearned revenue). My comment was that if the company just received an order or perhaps the company places a purchase order themselves, there is no journal entry until either goods change hands or cash changes hands. Hope this clarifies.

[@skyinfo3704]

very precise and easily understandable

[@Worrants]

how do you do adjustment entries from purchases?

[@Financelearningacademy]

Need more info

[@danrowe79]

Great lesson - great style - but how does he pay off Truck (loan of $9000) by paying only interest? Balloon loan?

[@lp4006]

i cant find the geneal ledger app on google play, where should i go?

[@anarkhan748]

Easy to understand.. Thank you..

[@davart311]

Hi ! I am new to accounting and I found these videos really useful !! can I ask you why you included the interest only of truck loan ? what about the capital ? Also 12% of 9000 makes 1080 . should be spread on the 5 years loan ? thanks

[@Financelearningacademy]

payment is not yet due

[@devconnie]

where can I download the accounting ledger and i don't see at the bottom or a link either

[@Financelearningacademy]

go to the app store and search on General Ledger

[@Financelearningacademy]

Apple app store

[@gamini2525]

Thank you so much, very well explained.

[@songsandverses]

Here in 2021, got an exam tomorrow, I feel as though I know everything, I've only studied today. Hope it goes well. I'll be looking for this comment when the results are out, pray I do well.

[@KM-sz6yv]

how do we know if these non-asset accounts that we credit \ debit \ move money around in (on the right hand side) are liability accounts or equity accounts? (does it matter...must be a reason why we distinguish between the two, but they are not explicitly categorized when going through the steps of this exercise). Great work, BTW.

[@Financelearningacademy]

Liabilities are money owed to others - suppliers, lenders, employees. Whereas equity represents a combinations of what money owners have contributed plus anything left over after all the bills have been paid.

[@Financelearningacademy]

See this #AmazonGiveaway for a chance to win: The Illiterate Executive: An Executive's Handbook for Mastering Financial Acumen. giveaway.amazon.com/p/771ae81b9f256b9a NO PURCHASE NECESSARY. Ends the earlier of Oct 8, 2016 11:59 PM PDT, or when all prizes are claimed. See Official Rules amzn.to/GArules.

[@hindhk9821]

I have a question What if i receive a check in November for a service i will do in the next fiscal year. how do i register this at the end of the year (Notes that I can only cash the cheque next year after I give the service) ? Thank you I appreciate

[@Financelearningacademy]

+hind hk debit cash; credit "unearned revenue" (a liability account)

[@Financelearningacademy]

Dr. cash cr: deferred revenue (liability)

[@arachel3677]

thank you so much,so helpful

[@PrivacyKingdoms]

6:24 why would number 3 not be a 6000 cash entry and 6000 unearned revenue entry

[@wendy5w]

because no money are received yet and and so we cant debit the cash account.

[@larysacurilo1784]

I bought General Ledger game. It is not working on my iPhone

[@palmira7984]

very Useful, I Appreciate your attention. thank you.

[@thotran8813]

Accountantancy is awesome ❤

[@khaledkhan9518]

very helpful lesson thanks

[@zeynabal223]

Thank you, it is really a good video

[@Financelearningacademy]

Glad you liked it!

[@aiman326]

EVERYONE SEE THE BEAUTY OF ACCOUNT

[@aether6167]

can you please examples how the matching principle applies to depreciation?

[@Financelearningacademy]

Great question! For depreciation, the matching principle often shows that the original cost of an asset (a computer for example) is expensed over its useful life while it's being used within the business to produce revenue. The matching principle dictates that depreciation is to be taken to match the expensing of its original cost with the income it generates. Hope this was a useful example.

[@coffeeholic1928]

Thank you for your awesome video.

[@codingtheworld674]

There is no app such that , was it removed?

[@Financelearningacademy]

The app is only available through apple app store at this point. Its no longer available for Android devices.

[@p_eople6789]

11:30 COGS vs Inventory (sold)

[@jaderosaorajay3122]

Hi, can I ask if your app is found in Playstore? Love to learn more from you 💓

[@joesims999]

No longer available for android devices at the moment but can be found in The App Store for Apple users.

[@danielnrth3980]

*studies T accounts for 2 weeks* video: I've never used it and i'm not gonna start now!

[@Financelearningacademy]

God bless you. I know right? #TaccountsSuck

[@edreahsinining6323]

Sir I watch your previous video which is accounting part 1. I just have a question why is that assets is in debit? Its just I really want to understand how?

[@ShoncayPlays]

All assets (what we own) can only be debited as what we own can only go up. If we cannot pay for a loan or some liability, we will have to sell our assets, but this is a rare occassion

[@theenclave1192]

The credit side tells you how the debit side is financed. You can only finance an asset with credit. Therefore the asset is in debit.

[@TaumiliMakaata]

can someone explain to me, how to analyze cash sales transactions and how to enter them in the t accounts?

[@Financelearningacademy]

I've never been a fan of the T-accounts - but the answer is cash is debit (left side of the cash T account) and sales is your credit (right side of your sales T account)

[@Financelearningacademy]

We don't believe in T accounts. #TaccountsSuck

[@AccountingZerotoHero]

Thanks for this video!

[@Financelearningacademy]

Glad it was helpful!

[@luizmiranda9911]

Is this app still working? I cannot find it ... please let me know. Thanks!

[@Financelearningacademy]

its available for apple devices only at this point.

[@LILg01987]

Zup bra, just listened to this part, AND damnn my mind is cleared , NICE EXAMPLE

[@gatluakhothpajok8161]

thanks you very much its more understandable lesson give another lesson

[@nazarashvili]

can you link me accounting debit and credit game?

[@sreys7277]

You are so awesome! Ta!

[@Elninofromnorth]

very helpful, thank you.

[@accountingandaudittechniqu1520]

Good approach

[@manreetmahal763]

can someone please explain why expenses go under a debit balance?

[@arpitbansal1333]

Expenses are part of the Shareholder's Equity section of the balance sheet. Since expenses lower shareholder's equity, they are debit balances.

[@lightlife917]

Excellent

[@turtlemaster23]

transaction 1 may just as well be put straight into the bank account. In general, I would recommend differing between cash and bank and not mix it up.

[@IamBrendaMarie]

Thank you

[@scmbusinessconsulting1755]

good explanation

[@evasutherland603]

MSc. Accounting Vs Finance: Which Should You Study?

[@williamcoomblas7203]

seriously elite

[@sathiskaliappan5130]

helpfulness

[@Willow_and_Sage]

I am stuck on #2. As I am aware anything you out right own is an asset and anything you owe on is a liability but I still do not understand why the cash account is CREDITED $3,000...

[@jashvantbhavsar5326]

As per the rule or principle, which is going to come in( by the person ,company and or govt. there the giver or the receiver) is DEBITED and which is going to come out ( by the person ,company and or govt. there the giver or the receiver) may be,cash,promises ,services or stuffs is CREDITED in the respective T account of the giver or the receiver. in the terms of the agreed currency of the giver or the receiver .

[@darriusshaw8799]

@@jashvantbhavsar5326 What is this fanciness your trying to speak in? No one learning wants to hear all that.

[@darriusshaw8799]

The cash account is credited because it is going down. You are paying 3000 cash for the vehicle and 9000 from a loan. Naturally asset accounts have debit balances representing they are positive. When you remove money from the cash account you credit it to make it go down.

[@Quarter_crush_86]

Which one talks about income statements?

[@marinaallen3829]

love general ledger app

[@agapipapadimitriou9972]

The name of the app is general ledger? Can you please send a screenshot?

[@didisuwardi2855]

Terimakasih I am Indonesian teacher